National Pension Service Buys 1,285,285 Shares of Bank of America Corporation $BAC

Key Points

• National Pension Service increased its Bank of America stake by 9.3% in the fourth quarter, adding 1,285,285 shares and bringing its total holding to 15,163,763 shares worth about $834 million.
• Bank of America reported strong first-quarter results, with EPS of $1.11 beating estimates and revenue of $30.27 billion topping forecasts. Revenue also rose 10.7% year over year.
• The company declared a quarterly dividend of $0.28 per share, equivalent to an annualized yield of 2.2%, while analysts currently rate the stock a “Moderate Buy” with a consensus target price of $61.06.

National Pension Service grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,163,763 shares of the financial services provider's stock after buying an additional 1,285,285 shares during the period. Bank of America makes up 0.6% of National Pension Service's portfolio, making the stock its 24th biggest position. National Pension Service owned approximately 0.21% of Bank of America worth $834,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Capital World Investors boosted its holdings in Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock worth $7,448,816,000 after buying an additional 14,275,810 shares during the last quarter. American Assets Investment Management LLC boosted its holdings in Bank of America by 1,248.5% during the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider's stock worth $837,338,000 after buying an additional 14,095,375 shares during the last quarter. Finally, Danske Bank A S bought a new position in Bank of America during the third quarter worth about $224,863,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 0.5%

Shares of Bank of America stock opened at $50.85 on Friday. The firm has a market cap of $360.87 billion, a PE ratio of 12.59, a P/E/G ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 52-week low of $43.36 and a 52-week high of $57.55. The business's 50 day simple moving average is $51.01 and its 200 day simple moving average is $52.32. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America's payout ratio is 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James P. Demare sold 83,832 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares in the company, valued at $15,362,000. This trade represents a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock worth $17,814,296 over the last 90 days. Company insiders own 0.27% of the company's stock.

Bank of America News Summary

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: CEO Brian Moynihan said Bank of America expects second-quarter trading revenue to rise about 15% year over year, pointing to continued strength in markets activity and a potential 17th straight quarter of trading growth. Article Title
• Positive Sentiment: Bank of America also signaled solid Q2 support from investment banking and wealth-management fees, which could help offset pressure in other areas and support earnings momentum. Article Title
• Positive Sentiment: Keynova Group ranked Bank of America among the top U.S. credit card issuers for online experience, reinforcing its strong digital banking franchise. Article Title
• Positive Sentiment: Bank of America said its Community Homeownership Commitment has delivered more than $15 billion in affordable home loans and grants, highlighting continued consumer lending and community-banking activity. Article Title

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Morgan Stanley cut their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Autonomous Res cut their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Jefferies Financial Group lifted their price objective on Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, UBS Group lifted their price objective on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $61.06.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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